High-tech loudspeaker company Warwick Audio Technologies has secured a £1.25 million investment deal to take its innovative audio products to market.
The company, which has its head office in Coventry and an engineering base in Ebbw Vale, has developed a flat, flexible loudspeaker that is thin, lightweight and low powered. It can be used in flatscreen TVs or audio panels, in car audio systems, or in public address systems and advertising displays.
Investors in the company include Finance Wales and business angels from FSE Investor Network, along with Midlands-based firms Mercia Fund Management, Midven and Minerva Business Angels, and company directors. This funding round brings the total investment in the company since its inception in 2003 to £4.5 million.
The investment will enable Warwick Audio Technologies to fully commercialise its operations, which include developing audio products for Original Equipment Manufacturers.
Part of the investment will be used to market highly directional loudspeaker products developed under Warwick Audio’s subsidiary company, ZonarSound. These products include concealed ceiling tile speakers, suspended speakers and flat sound bars for use in public spaces where sound needs to be controlled. Busy reception areas, railway and bus stations or galleries and museums, for example, could all benefit from carefully directed sound that doesn’t overspill into surrounding areas.
Company Chairman, Derek Mottershead, says: “After many years of development this funding now gives us the opportunity to complete the commercialisation of Warwick Audio and establish a sound base for ZonarSound. We already have a number of products on the market and we believe there is enormous potential for growth. This investment will enable us to fully exploit that potential.”
About Mercia Fund Management
Mercia Fund Management (MFM) is a venture capital fund manager with over £19 million under active management. MFM provides investment growth capital for businesses with a range of funding requirements from pre revenue businesses looking to establish early commercial traction through to those seeking expansion or working capital that are trading profitably. A high proportion of its investments are in businesses with innovative technology.
MFM is an FCA authorised and regulated fund manager under FSMA (FRN: 524856).